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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1983 Amends Section 44D: Clarifies Income Clauses and Disallows Deductions on Foreign Currency Interest.</h1> Section 44D of the Income-tax Act was amended effective June 1, 1983, by the Finance Act, 1983. The amendment modifies clauses (a) and (b) to specify that income derived by a foreign company from the Government or an Indian concern must be pursuant to an agreement with either entity. A new clause (c) was added, disallowing deductions for expenditures or allowances when computing income from interest received on foreign currency loans or debts incurred by the Government or an Indian concern. Additionally, the Explanation in clause (d) was revised to align with these changes.
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